Big Life Decision

[Aimster]

my parents have put it into my head that I'm making the wrong decision and I listen to them most of the time.

I want to do option A:

A) Buy a luxury condo in a beautiful neighborhood. 1400sq-ft. The price on this condo is so cheap that I can afford some great furniture and even buy a luxury car (new MDX)

They are saying this is the wrong decision. I am just throwing my money away according to them. They think I should do option B because option A is a condo and it will not appreciate as much. Hell it might even depreciate.

B) Get a big house/townhouse. The pro of this is that the house/townhouse will appreciate a lot in the future when the market stabilizes. However, I will be paying a lot more monthly for this house and I will have far less cash in my bank account after to want to buy anything fancy like furniture or a car. I'll basically just have the same life-style now.
No 65" LCD and no MDX
Option B might be "too much house for me", but my parents are always behind me if I can't pay my mortgage which is why they keep pushing this more.

I am single.. option B is no fun..
I guess I made this thread to get some more input from the older crowd. Sure a lot of people have been in my shoes before.

 

[lokiju]

You gotta go with whats right for you, not them. IMO of course.

 

[Zim Hosein]

Originally posted by: Aimster

Topic Title: Big Life Decision
Topic Summary: Need Input

my parents have put it into my head that I'm making the wrong decision and I listen to them most of the time.

I want to do option A:

A) Buy a luxury condo in a beautiful neighborhood. 1400sq-ft. The price on this condo is so cheap that I can afford some great furniture and even buy a luxury car (new MDX)

They are saying this is the wrong decision. I am just throwing my money away according to them. They think I should do option B because option A is a condo and it will not appreciate as much. Hell it might even depreciate.

B) Get a big house/townhouse. The pro of this is that the house/townhouse will appreciate a lot in the future when the market stabilizes. However, I will be paying a lot more monthly for this house and I will have far less cash in my bank account after to want to buy anything fancy like furniture or a car. I'll basically just have the same life-style now.
No 65" LCD and no MDX
Option B might be "too much house for me", but my parents are always behind me if I can't pay my mortgage which is why they keep pushing this more.

I am single.. option B is no fun..
I guess I made this thread to get some more input from the older crowd. Sure a lot of people have been in my shoes before.

And you trust us? I feel sorry for you Aimster!

 

[Flipped Gazelle]

Really? Grow up. Think things through carefully. Make a decision. Live with it.

 

[Alone]

Err..I'd go with option a, most because there's nothing fundamentally wrong with it and it sounds like you'd enjoy it more. I'd rather have less money in 20 years than be bored and dissatisfied with life for the next 20.

 

[IronWing]

See if you can find historic sales data for condos in the neighborhood and complex you are considering. That should give you more incite into what kind of appreciation/depreciation to expect. I was raised on the "never buy a condo, you'll lose" mantra but I have no idea if there is any truth to it.

 

[jpeyton]

B.

A house is an investment; furniture and a nice car are not.

That said, don't be an idiot and overextend yourself on your mortgage. If the monthly payment isn't easily doable each month, every month, buy a less expensive house.

 

[Savij]

Originally posted by: jpeyton
B.

A house is an investment; furniture and a nice car are not.

That said, don't be an idiot and overextend yourself on your mortgage. If the monthly payment isn't easily doable each month, every month, buy a less expensive house.

A more expensive house with no furniture is an investment in a lot of years of misery.

 

[Corporate Thug]

Originally posted by: jpeyton
B.

A house is an investment; furniture and a nice car are not.

That said, don't be an idiot and overextend yourself on your mortgage. If the monthly payment isn't easily doable each month, every month, buy a less expensive house.

The fact that he threw in the tidbit that his parents will cover the mortgage if he slips us suggests that he may be overreaching...

 

[MovingTarget]

Just go for a smaller house, but not a condo. It is money better spent over the long run if you do not forsee yourself needing a bigger place. Skip the new car and make a bigger down payment on the house.

 

[Newbian]

Well if you are still living with your parents you might want to do what they say...

 

[Red Squirrel]

I say look at your options for B, as that way it's your own property. If you're still living at home and you're not being charged rent then just figure the longer it takes the more money you are saving up. That's my situation now. I can't wait to move out, but I don't want to rush it either, I want to get something I'll be able to live in for the rest of my life. The future could make me move out but I want to at least consider it as a permanent house.

That said, if you don't really care about your property such as having a private back yard that you can do your own thing, a condo is still good as you own that portion so you can still sell it like a house.

 

[manlymatt83]

Option C. Don't waste your money.

 

[mugs]

Being "house poor" is not good, but spending money on a house is better than spending it on a car. Also consider that your income will increase in the future, but your mortgage payment will not (if you get a fixed rate mortgage). Your house will become more affordable in the future.

 

[SmoochyTX]

Do what you want to do. But if you get into trouble, don't ask your parents for help. Dig yourself out of your own hole if you have to.

 

[sash1]

option A. don't listen to your parents, they rarely know whats best for you

 

[LeetViet]

I've heard a lot of horror stories about people renovating their condos and removing support beams or noise-insulating flooring.

 

[MercenaryYoureFired]

So you broke up with your 19 year old GFF? Sorry to hear that, I'd go with option A and drive by the local high schools with your new MDX, great way to pick up 18 year olds.

 

[Corporate Thug]

Originally posted by: MercenaryYoureFired
So you broke up with your 19 year old GFF? Sorry to hear that, I'd go with option A and drive by the local high schools with your new MDX, great way to pick up 18 year olds.

ROFL :laugh:

 

[DVad3r]

Your parents are right and want you to make an investment, obviously B is the way to go. But if you are financially secure, don't want the investment, than go with option A. I'm in a similar dilema with a few variations.

1. I have no parental backing, never had, I buy/pay for my own stuff including college.

2. I will most likely get a house because I do need the investment. I can also rent a room out.

 

[Skeeedunt]

Life's too short to live in a house you don't like and can't afford.

/not an old guy (yet)

 

[waffleironhead]

Do what you want to do. Houses are not investments, they are places to live. If you will be miserable in a house, get the condo. Buy you tv, get the car. Just remember, you can always sell the condo and step up if you decide you need more space later.

 

[ViviTheMage]

House is a good investment!

 

[Chaotic42]

I'd go with C:

-Buy a nice house, one that's maybe a little more than you need
-Buy some good furniture
-Buy a nice car
-Invest your remaining money while the market is down.

I'm not a financial planner, but it sounds reasonable to me, so I did it.

 

[guyver01]

i'd go with option d... pull your penis out from your vagina, let the balls drop, and make decisions about your life for yourself.

just remember... if you fuck up.. dont go crying to mommy and daddy. they'll have to take your mancard, and your balls, away from you.